Supporting agreements with the international institutions
IMF program under the EFF approved on August 25, 1998
Amounts treated
$4 176 million
Categories of debt treated
Treatment of maturities falling due from August 06, 1998 up to March 31, 2000
Repayment profile
Treatment under Ad Hoc terms
Specific provisions
Free transferability provision
The Government of the Republic of Indonesia will continue to allow unrestricted and immediate access to the foreign exchange required for servicing private sector debts owed to or guaranteed by the Participating Creditor Countries or their appropriate institutions.
Phases
- First phase : From August 06, 1998 up to March 31, 1999
- Second phase : From April 01, 1999 up to March 30, 2000, implemented on December 24, 1999
Payment of non-consolidated amounts before December 31, 1998
Comparability of treatment provision
In order to secure comparable treatment of its debt due to all its external public or private creditors, the Government of the Republic of Indonesia commits itself to seek promptly from all its external creditors a rescheduling or a refinancing on terms comparable to those set forth in the present Memorandum of Understanding for credits of comparable maturity, while trying to avoid any discrimination among various categories of creditors.
The Government of the Republic of Indonesia commits itself not to accord any external creditor conditions of repayment more favourable than those accorded by the Participating Creditor Countries for credits of comparable maturity.
The Government of the Republic of Indonesia will inform in writing the Chairman of the Group of Official Creditor Countries of Indonesia not later than December 31, 1998 of the status of its negotiations and of the contents of its bilateral agreements with other creditors. Afterwards, the Government of the Republic of Indonesia will further inform in writing regularly the Chairman of the Group of Official Creditor Countries of Indonesia of the status of its negotiations with other creditors, as well as of the payments made to them.
Organisation of the session
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